Corporation Bank has become the first bank in the banking industry to accept income tax through its 1,035 plus ATMs. Ashok Chawla, finance secretary, ministry of finance formally launched this facility in New Delhi. During the launch S S N Moorthy, chairman, central board of direct taxes, New Delhi, J M Garg, chairman and MD, Asit Pal, executive director and the general managers of the bank were also present.
At present assesses for whom the provision of Section 44AB of Income Tax Act, 1961 is applicable are paying their taxes online. Besides these, there are approximately around 20 million individual income tax payers in India. This initiative has been taken with an aim to provide convenience service to those who at present are paying taxes through challans.
On the other hand the CorpBank customers are first required to register at their branch to avail this facility. Therefore due to some reason the tax amount can not be credited, the transaction amount will be re-credited to customers account immediately. The bank will send SMS to all the customers. The taxpayer will also receive email containing tax paid details and the receipt on payment of his tax in the ATM.